Friday, September 26, 2014

For Startups, Are You Ready to Rent an Office of Your Own?

A lot of start-up companies are slowly emerging in the business scene because, why not? A lot of opportunities are coming up for the most determined companies. Most start-up businesses always start from scratch, say for example you are an SEO company from the Philippines, and you believe that there is much effort done to be able to have the longevity that you need to keep the boat sailing. However, to make this more realistic, you would need your own office space especially if you are gloriously expanding.

Finding the right office space can be a challenge because landlords generally prefer leasing terms of at least 5 years, which can be a bit hard for a young growing company. Yet you should know better. As a starting company, fortunately there are several options available, but the key is finding the most tailored office to your specific situation.

Here are a few things to consider on why and how you should need one, more importantly if you are on this line of business:

First things first, you should know why and no one knows better than you. There will always be questions about your company and its growth, and you need to be ready to make sure your office needs align to your business strategy.

Time. One thing to consider is this. Notes that for newer and smaller companies, it is important to make sure that you do not get locked into a lease that is longer than you need. You need to know how to measure in terms of the number of your employees and how long you look forward your company to keep sailing. In short, never sign a lease that does not work for your long-term business plan. Ask questions.

Layout. It depends on the nature of your company. Say for example you are a technology or creative company, such as an SEO consulting services firm, this would mean, but not at all times, needing an open space, as ideas grow from collaborations. On the other hand, if you are a small time start-up law firm, chances are, you might want to have an office-focused kind of location. As you know, your clients discuss sensitive matters on closed doors.

Also, make sure it’s a conducive space to work onto. Explore options where you can also share conference rooms or kitchens. Sometimes there are like-minded companies who share the same values or work on complementary initiatives, ideas and they don’t really mind of the sharing stuff, as per space is concerned.

Amenities. However, there are amenities that a company needs to be able to get things done. Workspaces, conference rooms, kitchens, bathrooms and the like should be considered. Make sure that employees will also have the comfort of using these amenities whenever they want to especially if there are client meetings and stuff to decide on with the team. These things should be top of your list.

Price. This one matters the most. If you are decided enough to willingly spend for your company, focus on the things that would benefit you for getting such decision. Focus on how much you are willing to spend monthly, all-in, for your team. Aside from that, do not forget to estimate the hidden costs like the utilities that you need, furniture, workspace stuff and other office fees. Also take note that when you are starting from scratch, keep in mind that things may eventually add up so you have to brace yourself.

Moreover, you have to consider a number of factors—particularly the price, availability and variety of spaces on the market, because they will vary depending on the location in which you are searching. However, no matter the location and just to test the waters too, you might want to start planning at least three-to-four months before you are ready enough to make a move.

Finding a place for your business is no easy task, it would take you time to get things done because these things do not go over night. It takes quite a few guts too to make this particular move because it is another phase for you and your company. After all, the last thing any start-up wants is to sign a five-year lease, only to find out 12 months after that the space does not actually meet your company’s needs.

Valuable thoughts and comments are very much welcome! Drop them off at the comment section below!

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